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Wednesday, March 13, 1974
Mr. Lee was strongly against the idea of deferring some of the
capital projects amounting to an estimated $1,960 million, the accumulated
shortfall mentioned by the Financial Secretary if the projects were to
be carried out.
"Our problem cannot be solved simply by increasing direct or
indirect taxation. Nor can it be solved by utilising our already reduced
reserves because this would weaken our ability to deal with unforeseen
contingencies. Nor can it be solved by deferring the implementation of
our programmes, because this would defeat our objective of social development
and meeting the needs of our people," he said.
"The long term solution is to ensure that our economy will continue
to grow at a steadily increasing rate commensurate with our needs for
social development."
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